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Question 36 Chapter 3 of Class 12 Part – 1 VK Publication

Question 36 Chapter 3 of Class 12 Part - 1 VK Publication
Question 36 Chapter 3 of Class 12 Part - 1 VK Publication

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Question 36 Chapter 3 of Class 12 Part – 1

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36. R, S and T were partners in a firm sharing profits in the ratio of 1:2:3. Their Balance Sheet as on 31st March, 2015 was as follows:

Balance Sheet of R, S and T
as at 31st March, 2015

LiabilitiesRs.AssetsRs.
Creditors50,000Land50,000
Bils Payable20,000Building50,000
General Reserve30,000Plant1,00,000
Capitals: Stock40,000
R 1,00,000 Debtors30,000
S 50,000 Bank5,000
T 25,0001,75,000  
 2,75,000 2,75,000

R, S and T decided to share the profits equally with effect from 1st April, 2015. For this, it was agreed that:
(i) Goodwill of the firm be valued at Rs. 1,50,000.
(ii) Land be revalued at Rs. 80,000 and building be depreciated by 6%.
(iii) Creditors of Rs. 6,000 were not likely to be claimed and hence be written off.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of the reconstituted firm.

The solution of Question 36 Chapter 3 of Class 12 Part – 1: –

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Revaluation Account

Particulars

 

Amount

ParticularsAmount
To Building A/c 3,000By Land A/c30,000
To Partners’ Capital A/c  By Creditors A/c6,000
(Transfer of Profit )    
5,500   
11,000   
16,50033,000  
  36,000 36,000

Partner’s Capital Account

Particulars

A

 B

C

ParticularsABC
To T’s Capital A/c25,000By Balance b/d1,00,00050,00025,000
To Balance c/d85,50071,00081,500By Revaluation A/C5,50011,00016,500
    By General Reserve A/C5,00010,00015,000
    By R’s Capital A/c25,000
 1,10,50071,00081,500 1,10,50071,00081,500

Balance Sheet of R,S and T (as at 1st April 2015)

Liabilities

Amount

AssetsAmount
Creditors 44,000Land80,000
Bills Payable 20,000Building47,000
Capitals:  Plant1,00,000
R85,500 Stock40,000
S71,000 Debtors30,000
T81,5002,38,000Bank5,000
  3,02,000 3,02,000

Working Notes:
Calculation of Sacrifice or Gain of Partners:
R= 1/6-1/3=(-1)/6 (Gain)
R= 1/3-1/3= (Nil)
T= 3/6-1/3=1/6 (Sacrifice)

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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